Bait and Switch Scam is a type of scam that has been used in the cryptocurrency space to take advantage of unsuspecting investors. The scam involves setting up an attractive offer or promotion to lure potential investors, only for them to find out later that the terms of the agreement have changed drastically.
In this type of scheme, those responsible for it will bait people into investing by offering extremely high returns on their investment with minimal risk. They may also use false advertising or promises that are too good to be true as part of their strategy. Once they have attracted enough victims, they can then switch gears and demand much higher investments than initially advertised or make changes in other parts of the agreement such as fees or interest rates. These changes are often hidden within complex language making them difficult for victims to detect until it is too late.
It is important for cryptocurrency investors to be aware that these types of scams exist and remain vigilant when entering into any investment agreements online – especially ones which seem suspiciously lucrative at first glance! It’s always best practice to research potential investments thoroughly before going ahead with anything – look out for reviews from reliable sources, contact customer service if necessary and remember if something looks too good to be true then most likely it isn’t!
